New Carolin Gold Corp. commences program in preparation for planned drilling to define extensions of mineralized zones at past producing mine with Historic 728,429 oz Gold and multi-million oz potential

NEW YORK, NY, October 30, 2015 - New Carolin Gold Corp. (LAD:CA) (MDULF) this week announced a ground work program at its Ladner Gold Project is located only 150 km East of Vancouver, BC, Canada, in the Coquihalla Gold Belt. The project is host to 5 past producing mines and a high-grade underground historic (non 43-101) resource at the Caroline Mine of 728,429 gold ounces (2009 estimate of potential quantity: 5+ million tonnes grading 4.2 - 4.8 g/t gold, or ~1 million tonnes grading 8 - 9 g/t gold). This work program is in preparation for planned drilling to define extensions of mineralized zones, part of an overall plan to bring this historic gold resource compliant, and also prove-up the larger multi-million oz high-grade mesothermal Bralorn/Motherlode-type model potential.

Valuation commentary: The latent intrinsic value of the LAD.V relative to its current market capitalization of <$5 million (~74M shares outstanding X ~5 cents (~113M fully diluted)) appears to present exceptional opportunity -- bringing the 2009 estimate of potential quantity into resource will give LAD.V immediate intrinsic value worth several times the current market cap. Shares of LAD.V are poised for upside revaluation as the inherent value and accomplishments are appreciated by the market, and apt to respond in multiples as gold retrenches and strengthens.

This project is a highly coveted asset, and due to its desirability the property was essentially in abeyance for several years; despite LAD.V originally only having 10% ownership (now 40%), LAD.V was the controlling operator and owned 100% of the salient pieces that made the property functional to LAD.V alone (mine permit, environmental bond, roads, water licenses, etc.), the receiver for Century Mining (60%) and related Tamerlane (30%) held the balance. New Carolin Gold Corp. is at an improved level of relationship with the receiver for Century Mining, whom we believe is Deutsche Bank. The improved relationship will see LAD.V increase its ownership of the Ladner Gold Project to 100% and enable LAD.V to facilitate the exploration and development of the Ladner Gold Project. The receiver has acquiesced and the relationship is cooperative; the transfer of Tamerlane's interest to LAD.V in September-2015 marks a turn in the relationship -- LAD.V now owns 40% and there is an agreement in place whereby LAD.V only needs to provide ~$1,250,000 (remaining, however we speculate as little as $750K will suffice if presented) to Deutsche Bank in return for the remaining 60%, additionally Deutsche Bank has agreed to allow that money be applied towards exploration in exchange for 20,000,000 shares (at which time it will become the largest shareholder of LAD.V). Mining MarketWatch Journal estimates that a nominal capex of $1M is sufficient for LAD.V to push the project into 1 million - 1.5 million ounces gold with a mineable grade, this high-impact/low-cost program is facilitated by the high standard of historical drilling and associated database (600+ holes, ~50,000 m). There is also potential to prove up a new major gold zone adjacent the Carolin Mine in the process.

Past production, development, and exploration on the Ladner Gold Project

The property has been producing gold since 1890, there are numerous high-grade artisan workings along the fault line that runs the length of the 28 km-long property, mostly they were chasing very high-grade surface showings, some up to 120 - 130 oz/tonne. Meaningful exploration and development of the property started in 1975 with a mining company that drilled out the Carolin Ladner Gold Project and put it into production in 1982 -- unfortunately gold prices were uncooperative; when they drilled they were at near-$800/oz gold and when they got the mine into production gold was at $400/oz and heading the wrong way. The project had terrific headgrades (near-5 g/T) but the operators were deficient in their mill set-up and operating skills, attaining only near-30% recoveries for the first ~3/4 of their operation before upgrades yielding ~60% recoveries -- this has serendipitously set-up an opportunity for the current owners of the property as the tailings are richly-laden in gold and readily exploitable. Athabaska Gold explored and developed underground in the mid-90's with the intent of blocking-out a solid mineable grade and released a resource estimate in 1997:

Athabaska Gold spent ~$3.5 million proving up new ounces and defining high-grade areas they could mine, but by the time they were looking to raise money to put the Carolin back into production gold was down in the $300 range heading toward $250. Tamerlane and its sister company Century Mining picked-up the property to take the Carolin Mine to production but it got financially spread thin and bogged down elsewhere. LAD.V stepped in late in the game just prior to the receiver getting involved and got its foot in the door.

Ability to add significant ounces: The Carolin Mine mineralized zone is open in all directions, the underground workings are dry, and fully accessible. A mine development map from 1981 shows level 800 being extended north for 1.2 km to the McMaster Zone, this was never performed, however this area between is highly prospective for additional ounces. Most of the drilling to date on the project has been to expand existing mining that originated from surface showings (chasing the known mineralized structure), the project has received next to nothing (only been drilled sporadically & nominally) for exploration and remains largely untested even in obvious areas where confidence is high something major geologically has occurred. The McMaster zone has a heavily discounted current resource of ~79,540 oz with over half the existing resource at ~2+ g/t and near surface, but the bigger story is in what the confirmation drilling on Carolin & McMaster and other new targets will yield; it is theorized the McMaster has the potential to rival and surpass the historical Carolin figures in size and grades. All drill holes on the project to date have been relatively short (nothing more than ~200 m) and all have intersected gold.

The geological model and local structures at Ladner Creek are comparable to Bralorne (4M oz) & Motherlode (7 million oz producer) mining camps:

The Hozameen fault runs along the length of the Ladner Gold Project: All the mineralized gold zones on New Carolin's Ladner Gold Project appear to be like streams coming from the fault to surface; 30 degree-angled down-dipping stacked zones. High priority target areas LAD.V has identified are expected to affirmLadner Gold Project has similar geological makeup to a high-grade shale-based mesothermal Bralorn/Motherlode-type model. The theory is there is a brand new zone running between 1.5 - 3 km that needs to be drilled. Confirming a new major gold zone will demonstrate multi-million ounce large-scale exploration potential of the model -- if so, there could be potential for 10 - 20 million ounces on the property.

Recoveries of up to 94.5% possible: Metallurgical test work of core taken from the McMaster Zone (DDH 32-09; 3.96 g/t gold over 27.6 m from 32.4 to 60.0 meters) indicates overall gold recoveries of up to 94.5% possible. Pressure-oxidation and carbon-in-leach has shown recoveries of 96.3% on floatation concentrate. Using floatation, pressure oxidation and cyanidation of the floatation tailings returned overall recoveries of 94.5%.

The tailings impoundment host a homogenous resource that is readily accessible and is actively being marketed for sale to generate capital so Company may advance the Ladner Gold Project without share dilution. 69 holes were drilled into 60% of the tailings establishing a resource of 404,000 tonnes Indicated grading 1.83 g/t (~24,000 contained oz gold) and 84,400 tonnes Inferred grading 1.85 g/t (~5,000 oz gold). Naturally we can logically deduce there is probably ~40,000 ounces since only 60% was drilled. Also we note historical production records show the mine put through ~85,000 ounces of gold material yet only ever sold ~44,000, so that leaves 41,000. LAD.V has several options, however the preferred is to sell the tailings outright to a the 3rd party that will process it, at current gold prices we estimate this should net in excess of $10 million (after capex & opex) over a 4 year timeframe -- a discounted sale price now has the potential to generate between $2 - $3 million to New Carolin Gold Corp.

Figure 8.Gold bar from past production at Carolin Mine, close to half the gold contained in material processed at the time still remains in the tailings awaiting reprocessing.

Sector Newswire has identified the following research links for additional DD on New Carolin Gold Corp.:

October 26, 2015 -- New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD) announces that it has engaged Mr. Dan Cardinal P.Geo, to undertake a detailed geological mapping and sampling program along the McMaster gold-bearing zone, beginning northwest of the zone and stretching for 1.5-2.0 kilometres southeasterly. Historical mapping and exploratory drilling (1985 & 1994-95) along the McMaster Zone have tentatively outlined 2 structurally related mineralized systems.

The project will take approximately two weeks. Object of the mapping program is to better define and geologically constrain the McMaster Zone, with the purpose of developing an exploration model in front of a planned drilling program to define extensions of the mineralized zones.

Mr. Cardinal, in the 1980s, was an Exploration Manager for Aquarius Resources Ltd. then one of the joint venture partners of the Carolin Mine/Ladner Creek gold project. Mr. Cardinal, who currently resides in Hope, BC has since conducted numerous exploration and mapping projects along the 28 km length of the Coquihalla Gold Belt including, supervision of 1994-95 exploratory drilling projects on the McMaster Zone. He has extensive experience working in orogenic style gold-related environments in central and southwestern BC.

About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 square kilometers of contiguous mineral claims, collectively known as the Ladner Gold Project. The project is located near Hope, BC, in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects.

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